Completed Programs - Hungary

Program Overview

Number of Claims

4,249

Number of Awards

1,518

Amount of Awards - Principal

$61,910,636

Amount of Fund

$20,553,647.09

Amount of Payment

$1,000 plus 37% of Principal;
$1,000 plus 40% of Principal for War Claims

Title II of the International Claims Settlement Act of 1949, as amended (the Act), provided for the vesting and liquidation of enemy assets which had been blocked by the United States during World War II, and for the deposit of the proceeds into separate special funds, according to the respective government ownership of those assets prior to blocking. The proceeds from the liquidation of assets formerly owned by Hungary were deposited into a fund by the Department of the Treasury which was designated the Hungarian Claims Fund, for payments on awards granted by the Commission in claims against Hungary under Title III of the Act.

Title III of the Act authorized the Commission to consider claims of nationals of the United States for losses arising out of war damages, nationalization, compulsory liquidation, or other taking of property prior to August 9, 1955, by the Government of Hungary. The Commission was also authorized to consider claims of nationals of the United States for losses based on the failure of the Hungarian government to meet certain debt obligations expressed in the currency of the United States. Payments on the awards granted in these claims were made from the Hungarian Claims Fund created under Title II of the Act. The amount available from the Hungarian Claims Fund for payment was $2,235,750.65. The Hungarian Claims Program was completed on August 9, 1959.

On March 6, 1973, the United States concluded a formal claims settlement agreement with the Government of Hungary under which that government agreed to pay the sum of $18.9 million, to be paid in installments, in settlement of claims of nationals of the United States. These payments were deposited into the Hungarian Claims Fund to supplement the amount derived from the prior liquidation of Hungarian assets for payments on awards granted by the Commission. The final installment payment was made on June 9, 1980.

Under an amendment to Title III of the Act, Congress authorized the Commission to determine claims of nationals of the United States against the Government of Hungary based on nationalization or other taking of property between August 9, 1955, the date on which the first Hungarian Claims Program was approved, and March 6, 1973, the date of the agreement with Hungary. The Commission was also authorized to adjudicate certain claims which should have been filed in the first Hungarian Claims Program, but were not, due to an administrative error which caused notices of that program to be mailed to non-existent addresses. The second Hungarian Claims Program was completed on May 16, 1977.